Las Vegas new homes market is seeing a surge in sales due to low inventory of existing and bank-owned properties. Las Vegas foreclosures have dropped dropped since the Legislature passed Assembly Bill 284, which changes bank regulations on filing a notice of default and foreclosing on properties. LasVegasRealEstate.org cites the significant effect this law has had on the inventory of Las Vegas homes for sale as forclosures are getting bought up by savvy investors. In the last 12-months the average price on a Las Vegas foreclosure was $ 116K compared to a new homes at $ 200K

Ashley McCormick of Realy One Group, Nevada’s number one Las Vegas real estate company says the newer homes are usually built better, under warranty, with the latest technology and energy-saving features. She adds that as the foreclosures for sale in Las Vegas get picked over, more buyers are seeing the advantage of buying a new home. Home Builders Research reported 310 Las Vegas new homes sold in February, a 31% increase from 237 in the same month a year ago. The attributes mostly to serious buyers who are tired of getting out bid on foreclosures and short sales by investors.

Las Vegas Foreclosures have been a huge source of the inventory which has been responsible for Las Vegas being named in the “Top 10″ cities to buy and invest by CNNMoney, MarketWatch and Inman News. In the three months prior to law AB284, there were a total of 5,827 default filings to foreclose, in the three months following there were only 1,196. McCormick notes that this depletion of foreclosure inventory has buyers and investors having to compete against each other with multiple-offers. The basic law of supply and demand has listing prices stabilizing and appreciating in some niche markets for the first time in over 5-years.

McCormick says most new home builders are offering incentives for flooring, appliances, upgrades and even landscaping to attract home buyers. Most of these new home developments are located in master planned communities such as Green Valley in the southeast and the award-winning Summerlin in the west. From basic starter homes to multi-million dollar estates the diversity in new Las Vegas homes has gained interest among both local and foreign buyers. Buyers can contact McCormick at 1-888-920-2292 to inquire about any special discounts or builder incentives that may be offered in a specific area or on standing inventory listed at http://www.LasVegasRealEstate.org

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